The M&A Zing

Alexander Kalis has sat on every side of the investment table: from Rothschild and Santander hedge fund management, to running a $1bn global asset manager, to backing Oxford spinouts that produced unicorns (and even the AstraZeneca COVID-19 vaccine). Now he’s turned his attention to ETA and SME buyouts. Through Archimax and the tongue-in-cheek B.O.R.I.N.G. Investment Club (Buyouts of Resilient Income-Generating businesses), Alexander is building an investor community to bridge the equity gap in small-cap buyouts. In this episode, Gareth and Alexander cover: How his VC disillusionment pushed him toward SME buyouts Why “boring is beautiful” when it comes to cashflow resilience The equity gap in UK/EU search funds — and how co-investment clubs can solve it Lessons from running a global fund, and what translates to ETA diligence What makes a great searcher worth backing (grit, transparency & vision) How diversification works differently in ETA vs VC Why institutions haven’t yet caught up with this overlooked asset class If you’re a searcher, operator, or investor interested in ETA and SME acquisitions, this is an insider’s perspective you don’t want to miss. ⏱️ Timestamps [00:13] Welcome & guest intro – Gareth introduces Alexander Kalis [01:20] Alexander’s background – from UBS to Rothschild & Santander [05:33] Lessons from the hedge fund years & the Madoff crisis [07:20] Entrepreneurial leap – building & selling a due diligence firm [08:50] Trust International: $1bn AUM, global VC & impact investing [11:00] Backing Oxford spinouts (including the AstraZeneca vaccine) [13:45] Why he moved from VC to ETA & SME buyouts [16:10] The equity gap in ETA – where traditional models fall short [18:30] Archimax & the B.O.R.I.N.G. Investment Club explained [22:45] “Boring is beautiful” – why sticky, resilient SMEs win [27:20] How the co-investment club works (structure, SPVs, LPs) [31:30] What he looks for in searchers: grit, vision & people skills [36:00] Sector focus & European opportunities [40:00] Advice to acquisition entrepreneurs on investor relations [43:20] The investor angle – diversification & 30% IRR potential [47:00] What’s next for Archimax & BORING in the next 12 months [51:00] Closing thoughts, links & where to find Alexander 🔗 Links & Resources Archimax: https://archimax.solutions Alexander on LinkedIn:   / alexanderkalis  BizCrunch: https://www.bizcrunch.co

From vaccine research at Harvard, to AstraZeneca BD, to running a £50m book, and now a traditional, healthcare-only search. Robert Shore (Shorefox Partners) unpacks mid-career ETA, how science habits translate to sourcing, why “AI-proof” is now a diligence pillar, and the gritty reality of brokered vs proprietary deal flow. In this episode: - Why a mid-career, sector-specialist traditional search (and not self-funded) - Translating lab skills to ETA: hypothesis → test → iterate - The three-leg diligence stool: recurring revenue, growth engine, AI risk - Health-care niches with regulatory moats vs data-rich, easily automated targets - Fundraising: building the cap table, reps before “A-list” investors - Broker networks, proprietary angles, and pacing the journey Timestamps: [00:13] Welcome [00:20] What this show’s about & who it’s for [00:29] Guest intro: Robert Shore, Shawfox Partners [01:00] Mid-career searcher, healthcare focus & background [02:40] From engineering → PhD/Harvard → Wall St. → AstraZeneca → FO PM [06:58] Why an MBA; moving from science to finance and BD [09:45] Traditional search vs self-funded: choosing the structure [12:12] Sector thesis: defensive healthcare + regulatory moats [15:55] AI as diligence pillar: what’s automatable, what isn’t [19:10] Fundraise playbook: do reps, then pitch your A-list [21:18] Solo vs partner searches; what investors really prefer [24:30] ROI on time, legacy, and adapting across careers [28:42] Health-care targets that don’t fit (and why) [31:12] Early search challenges: broker coverage & proprietary sourcing [34:40] Quality vs quantity in outreach (and when that flips) [38:46] Iteration under fire: plan → fail → refine in search [42:41] Where Robert wants to be 12 months from now [46:05] Closing & how to connect Links & resources: Shorefox Partners https://www.shorefoxpartners.com/ Robert Shaw https://www.linkedin.com/in/shoremail/ BizCrunch - end-to-end platform for SMB succession M&A https://www.bizcrunch.co/

A live keynote from Al Zucker on why UK/EU SMB M&A is hitting an inflection point: the seller wave, VC’s post-ZIRP reset, operator-led deals, and pragmatic capital stacks (FOs, private credit, small-cap PE). Real talk, data, and operator takeaways. What to expect 👇 - Why resilient UK SMBs are coming to market now (succession + policy + macro). - Venture’s changing math: dispersion, slower DPI, and the funding knock-on. - Operators → owners: why CFOs/ops leaders are moving into ETA/indie sponsor models. - Capital options that actually clear: family offices, asset-backed & cash-flow lenders, small-cap PE (with caveats). - No one-size-fits-all: creativity in structure is a feature, not a bug. - Culture shift: less hype, more custodianship; sensible prices for real cash flow. Time Stamps: [00:10] Host intro → Al Zucker  [00:28] Al’s path: big-cap M&A → VC-backed roll-up → restructure → bootstrap search [01:26] Deals done, exits, bolt-ons + legal consultancy: vantage point across the ecosystem [02:36] “Coming of age”: framing by constituencies & problems to solve [03:25] Search fund momentum: headline counts & recent surge [04:10] Seller archetypes (succession, lifestyle, liquidity) [06:59] What they share: Thatcher-era reforms & the SME boom [08:21] Company counts, self-employment, jobs/turnover: long-run shift [10:00] From Big Bang → GFC → ZIRP → 2020s shocks: building resilience [11:15] Two worlds: real-economy builders vs VC/PE wealth effects [13:05] Why venture got harder (rates up); [13:50] Ukraine war anecdote: fundraises freeze, restructurings follow [15:04] Data points: performance dispersion (McKinsey) & slow DPI (Carta) [17:20] AI exception aside, early-stage funding is tighter [17:43] Operators pivot: CFO/ops talent moving to ownership [19:19] Not an MBA caricature: credible operators with track records [19:38] The obvious match: owners seeking succession × operator-buyers [20:03] Even PE folks pivot to facilitate operator buyouts [21:01] Why this is the moment for ETA/indie sponsors [22:08] Capital stacks: FOs, asset/cash-flow lenders, small-cap PE (PPG caution) [24:21] The future: creativity over templates; every balance sheet is different [25:32] Ethos & energy: less hype, more custodianship; special situations exist [27:13] Big-4 view: ecosystem just forming; a BBC-style model could emerge [27:55] From pub meetups to packed venues in 18 months [28:22] Close & Q&A invite 🎯 Try BizCrunch for off and on-market deal flow: www.bizcrunch.co 🧠  Test our AI-ready VDR (want a quick tour? Drop us a message!) 💬 Join the community: https://community.bizcrunch.co/home

This week: We break down on-market vs off-market search for UK SMB M&A—what moves faster, where value hides, and how to avoid deal fatigue. We map buyer types, typical multiples, and the “Goldilocks” broker zone. Net-net: the winners run blended pipelines (brokers + proprietary outreach) and keep momentum across multiple live threads. We cover: ✅ Why a blended pipeline outperforms single-channel searches ✅ Speed vs value: on-market tends to be quicker; off-market can price better but needs more diligence & seller education ✅ Broker landscape: factory-style listings ↔️ micromanagers ↔️ pragmatic “light-touch” independents ✅ Bidding dynamics, retrading risk & how exit-readiness changes outcomes ✅ Typical multiple bands (UK lower-mid market) and why structure shifts as deal size rises ✅ Practical cadence: why conversations can start in months, but closing still often takes ~12 months Visual referenced in the episode 👇 Sourcing matrix (buyer types, channels, multiples, timelines): https://docs.google.com/spreadsheets/d/15aiqSW6hBbRSFR7Q_Koy2BzURPZ_BaEMIRClHNX_Egg/edit?usp=sharing Timestamps: 00:13] – Welcome [01:01] – Today’s topic: on-market vs off-market for UK SMB M&A [01:37] – Why diversified deal flow beats single-channel searches [02:23] – Proprietary vs brokered: where each shines (and stalls) [03:25] – “Blended search” takeaways from the symposium panel [04:26] – Buyer strata & deal sizes: seeing the whole board [05:07] – The sourcing matrix (for YouTube viewers; link in notes) [05:20] – Multiples climb with size; public comps & “15x” yardstick [07:28] – The conveyor-belt logic: buy at 3–6x, sell at 6–8x [08:39] – How deal structure shifts: contingency → cash up-front [09:48] – Marketplaces vs brokers: what they’re good for (and not) [11:02] – Reality check: how long this really takes [11:06] – Why on-market can move faster (IMs, data rooms, coaching) [12:52] – The trade: speed vs price (on- vs off-market) [13:17] – Exit-readiness, lender fit & keeping negotiations practical [14:52] – Broker types: factory, micromanager, and “Goldilocks” [16:58] – Deal fatigue: how processes stall (and how to protect pace) [20:24] – The pragmatic middle: momentum over grandstanding [21:07] – Goldilocks zone = better throughput, fewer dead deals [22:42] – How to evaluate brokers & set expectations [22:59] – Why many buyers grow frustrated with listed deal quality [23:39] – Off-market advantage: frank, seller-led conversations [24:47] – Choosing your path: who should focus where (and why) [25:56] – The competition problem: concentrated “good” on-market deals [27:15] – Bidding wars & retrade risk: what actually happens [28:01] – Sellers: why exit-readiness can create a bidding premium [28:26] – But beware: toppy heads that unwind in DD [29:50] – Recap & the one big rule: don’t go single-channel [30:09] – Tactics: broker panels, buy-side advisors & automations [31:51] – Keep the pipeline alive—right up to completion [32:41] – Best practice: off-market + Seller Verified in parallel [32:53] – Closing, community invite & product updates (VDR + listings) 🎯 Try Seller Verified Listings alongside your off-market search (live next week!) 🧠 See our AI-ready VDR — want a quick tour? Drop us a message. 💬 Join the community: share your experience with on- vs off-market deals; we’ll cover top questions in a future episode.

In this special episode of M&A Zing, Alfie and Gareth dive into the future of SMB M&A in the UK and Europe. From the latest deal trends and the rise of search funds, to shifts in lending and the impact of AI tools, they map out what 2025 could mean for acquisition entrepreneurs, search funders, and holdco builders. You’ll hear about: ✅ Consolidation in M&A tools and lenders ✅ Why SMBs now account for 88% of M&A Activity in the UK ✅ The surge of academic ETA programs at schools like LBS and INSEAD ✅ New funding dynamics and how searchers can stand out ✅ Tax and regulatory changes influencing exits ✅ Sector hotspots: care, nurseries, renewables, accountancy, and more Timestamps 👇 [00:13] Welcome back & intro with Gareth [01:19] Market mood: activity staying strong through summer [02:19] Consolidation in M&A tools and lenders [03:35] High street banks re-entering SMB lending [04:44] Surge in UK SMB deals (88% of transactions in H1 2025) [06:34] Why the mid-market is driving activity [07:38] The US vs UK deal landscape [08:59] The role of acquisition entrepreneurs in scaling SMEs [09:47] Growth of ETA education in Europe (LBS, INSEAD, Erasmus) [12:15] Family offices and LP funding dynamics [15:14] Institutional investors & need for high-profile exits [17:33] Challenges for traditional searchers vs. experienced entrepreneurs [21:20] Larger search phases, more investors per fund [25:25] How searchers can stand out: experience, sourcing, and bias for action [33:19] AI and tech reshaping sourcing & diligence [38:29] Demographic drivers & tax changes accelerating exits [43:10] Rise of Employee Ownership Trusts (EOTs) in the UK [47:25] Sector outlook: care, nurseries, renewables, accountancy [53:37] Why the opportunity remains huge for acquirers [55:15] New BizCrunch features: Seller Verified Listings & Virtual Data Room [58:01] Building a modern, AI-ready data room [59:00] Closing thoughts: keep on crunching 👉 Want to see these trends in action? Explore live Seller Verified Listings or try BizCrunch’s off-market search today: www.bizcrunch.co Sources 📝 LBS: Entrepreneurship Through Acquisition https://www.london.edu/faculty-and-research/institute-of-entrepreneurship-and-private-capital/opportunities-and-resources/entrepreneurship-through-acquisition IESE: International Search Funds–2022 https://www.iese.edu/media/research/pdfs/ST-0629-E.pdf Poets&Quants: ETAs as MBAs’ Pathway https://poetsandquants.com/2024/10/28/entrepreneurship-through-acquisition-mbas-pathway-to-business-ownership-growth/ Yale SOM: Reference Guide on European Search Funds https://som.yale.edu/sites/default/files/2025-04/A%20Reference%20Guide%20on%20European%20Search%20Funds.pdf DueDilio: 2025 Guide to Deal Sourcing Tools & Platforms https://www.duedilio.com/deal-sourcing-tools-platforms-2025/ Stanford GSB: 2024 Search Fund Study https://www.onetoonefunds.com/wp-content/uploads/sites/11/2024/10/2024_Search-Fund-Study_Selected-Observations_Stanford-GSB.pdf Guardian: Private equity & UK essential services https://www.theguardian.com/business/2023/aug/04/golden-goose-why-private-equity-is-eyeing-up-uk-essential-services Nursery Management Today: Why investors buy nurseries https://nmt-magazine.co.uk/feature/why-investors-buy-nurseries/ Dentons: Energy M&A https://www.dentons.com/en/find-your-dentons-team/industry-sectors/energy/energy-trading-marketing-and-derivatives/energy-mergers-and-acquisitions Farrer & Co: M&A trends in 2025: accountancy firms https://www.farrer.co.uk/news-and-insights/ma-trends-in-2025-accountancy-firms-represent-attractive-targets-for-private-capital-investment/

In this week’s Buy Side Breakdown, Alfie is joined by colleague Toby Johnson to assess a logistics and transport company currently listed for sale in North West England. The business has three distinct revenue streams: professional driver training, haulage operations, and pallet storage; with a reported £2.5m turnover and £700k gross profit. The asking price is £1m plus fleet, plant, and equipment, raising questions about valuation, cash flow, and deal structure. Topics covered include: How to interpret gross vs. net profit in listings Why excluding assets from the asking price raises red flags The impact of industry dynamics: driver shortages, turnover, and mandatory training Value (and risks) of diversification across training, haulage, and warehousing Family-run businesses, succession, and owner-dependence Possible deal structures: asset-backed lending, NAV-based deals, and earnouts Operational questions: staff retention, accreditations, systems, and scalability Expansion potential in training (digitisation, college partnerships, repeat certifications) Ultimately, both Alfie and Toby conclude this listing raises more questions than answers, band without clearer financials, they’d call it a pass. Listing link: https://uk.businessesforsale.com/uk/driver-training-transport-haulage-storage-warehousing-for-sale.aspx ⏱ Timestamps [00:12] Introduction & Toby joins as guest host [01:28] Overview of the business: driver training, haulage, storage [02:14] Asking price, turnover and gross profit headline numbers [03:29] Industry averages, gross vs. net profit questions [04:08] Assets excluded from asking price — a red flag? [05:52] Revenue mix: training vs. haulage vs. storage [07:05] Haulage accounts for £1.8m turnover; is training/storage meaningful? [08:18] UK driver shortage, COVID impact & training school value [09:22] Driver turnover, wages and industry challenges [11:12] Repeat training requirements & recurring revenue opportunity [12:22] Staff, capacity, and scalability of the training school [13:38] Full complement of staff, what does that mean? [14:38] Family-run, 15-year track record & industry accreditations [15:36] Staff retention, owner knowledge, and succession risks [17:52] Deal structure ideas: NAV, asset-backed lending, goodwill premium [20:25] Overheads, staff, and true net profit questions [21:20] Multiples, asset values, and valuation concerns [22:25] Back office systems, regulatory complexity, and efficiency [23:34] Expansion opportunities in training and digitisation [24:36] Family business dynamics & local goodwill risks [25:27] Why no family succession? Red flag on true profitability [27:02] Who this business might suit (roll-ups, industry insiders) [27:32] Scalability questions - training utilisation & warehousing [28:23] Conclusion - Buy or Pass? [29:56] Toby: Pass; Alfie: Pass (pending more info) [31:18] Final thoughts, community call, and event plug 💬 Join the BizCrunch community to discuss live deals and swap insights with fellow acquirers: https://www.bizcrunch.co/community 📚 Explore more resources on SMB M&A and off-market sourcing at www.bizcrunch.co ETA Awards: https://www.geraldedelman.com/events/eta-awards-2025-2/

In this special solo edition of M&A Zing, Alfie dives deep into one of the most misunderstood parts of the acquisition process: outreach. Finding companies to buy is only the start, earning conversations with owners is what turns research into real opportunities. In this episode, you’ll learn both the manual way to run cold outreach and the modern tools that simplify the process. Covered in this episode: - Why outreach matters more than just building lists - The building blocks of a good target list (manual vs. tools) - How to set up new domains, DNS records, and inbox warm-ups properly - Writing cold emails that actually get replies (the “Why them, Why now, What you want” framework) - Why follow-ups and letters often make the difference with retiring owners - Tools for sending campaigns manually or at scale - Legal and ethical considerations of B2B outreach under GDPR - How BizCrunch takes care of the technical setup so you can focus on conversations Whether you’re sending your very first cold email or refining a professionalised search process, this episode gives you a field guide to doing outreach the right way. Timestamps: [00:13] Welcome & why a solo outreach deep dive [01:35] Using timestamps; tailoring to experience levels [02:49] Why outreach matters in acquisitions [03:07] Finding companies vs earning owner conversations [04:01] Rising competition (ETA) & the off‑market edge [04:25] Step 1: list building [05:17] Define precise criteria (rev/sector/geo/owner profile) [06:02] Free sources: Companies House, Google, associations [07:07] Cleaning data & finding decision‑maker emails [07:25] Tooling spectrum: manual ↔ premium databases ↔ BizCrunch [08:22] Middle ground: credit tools & trade‑offs [10:01] Your list quality drives campaign performance [10:20] Don’t blast from personal inbox; blacklisting risk [10:39] Setup: new domain & dedicated inboxes [11:05] DNS essentials: SPF, DKIM, DMARC [15:28] Inbox warm‑up: tools, timing, deliverability [18:49] Writing emails that get replies (plain‑text, concise) [19:14] Framework: Why them / Why now / What you want (+ Who you are) [22:07] Example first email to an owner [23:19] Follow‑ups & letters; sequencing that works [24:56] Staying top‑of‑mind; multiple touches [25:34] Sending options: manual, Gmail mail‑merge, platforms [27:29] Platforms & tracking; when integrated tools help [29:13] Letters + email = effective combo (retiring owners) [30:14] Legal: GDPR + PECR for B2B outreach [31:27] Avoid personal emails & PSC/home addresses [33:07] BizCrunch demo: filters → insights → list → campaign [35:52] You focus on copy; tech handled for you [36:12] Recap: outreach process in a nutshell [36:29] Outro & how to connect Join our community of acquirers and searchers to share outreach: https://www.bizcrunch.co/community Learn about DNS: https://www.cloudflare.com/en-gb/learning/dns/what-is-dns/ Gmail & Sheets Mail Merge: https://developers.google.com/apps-script/samples/automations/mail-merge Connect with Alfie: https://www.linkedin.com/in/alfie-lambert/

This week on M&A Zing, Gareth sits down with Jan-Marc Pickhan, a serial acquirer who has built three engineering groups - Allied Global Engineering, GE Engineering, and Suffolk ES Solutions - comprising five companies across the North West and West Midlands. Jan-Marc’s journey took him from a decade-long corporate career at Schneider Electric in Germany, Switzerland, and France to relocating to the UK to oversee and grow mature owner-led engineering businesses. He discusses: 👉 Cultural transformation: moving from closed, owner-led environments to open, transparent, trust-based workplaces. 👉 Tackling “tribal knowledge” and undocumented processes that threaten operational continuity. 👉 Applying German precision and British grit to leadership - direct, transparent, but adaptable. 👉 Leveraging technology and AI tools (including Microsoft Copilot) to solve problems, speed up processes, and cut costs. 👉  Navigating the skilled labour shortage in UK manufacturing and the need to invest in training pipelines. 👉 The reality of post-acquisition transformation: restructuring, bottleneck removal, and strategic automation. 👉 Why getting hands-on in every role post-acquisition accelerates understanding and builds credibility with teams. If you’re considering acquiring a traditional SME—particularly in engineering—this episode offers candid insights into the challenges and opportunities of transforming these businesses for the future. Timestamps [00:00] Introduction to Jan-Marc Pickhan and his acquisition journey [01:23] From Schneider Electric to UK SME ownership [03:31] Overview of the three engineering groups acquired [05:09] Leadership style – German precision meets British grit [06:50] Building a culture of openness and trust [09:04] Fixing owner-led, “tribal knowledge” businesses [11:44] Common bottlenecks in back-office and production [14:27] Why engineering SMEs? The undervalued backbone of UK industry [17:20] Seller profiles and succession realities [19:02] Buying transformation opportunities vs. turnkey businesses [20:17] The ongoing journey of transformation [22:30] Engineering at a crossroads – traditional vs. transformative [26:06] Adopting AI tools like Microsoft Copilot in manufacturing [31:29] Skilled labour shortages and recruitment challenges [36:44] Advice to past self: directors should work in the business early [40:39] Immersive leadership – learning from the shop floor [44:33] Cultivating continuous improvement from within [45:21] Goals for the next 12 months – automation and efficiency [46:13] How to connect with Jan-Marc and his message for sellers Useful Links & Resources: Connect with Jan-Marc Pickhan on LinkedIn https://www.linkedin.com/in/janmarcpickhan Join the BizCrunch Acquisition Community https://www.bizcrunch.co/community

In this illuminating episode of The M&AZing Podcast, host Alfie Lambert talks with Cal Shelton, entrepreneur and owner of Precision MSK Health. Cal shares his transition from working in insolvency and consulting roles into the acquisition entrepreneurship space, focusing specifically on the health sector. Unlike many acquisition entrepreneurs chasing large initial deals, Cal strategically chose a smaller, manageable first acquisition to gain critical insights and experience. Throughout the discussion, Cal openly recounts the challenges, pitfalls, and lessons he encountered, including crucial insights about seller dynamics, effective communication, and cash flow management. He also outlines his unique approach to growth by employing a "consulting-for-equity" model, helping businesses become sale-ready while building strategic equity positions. Whether you're a first-time acquisition entrepreneur or a seasoned business operator, this episode offers actionable insights, honest reflections, and a practical roadmap to navigate your first business purchase successfully and strategically scale your venture. ⏰ Timestamped Episode Breakdown: [00:00] – Introduction and background to Cal Shelton [02:17] – Cal’s journey from insolvency practice to acquisition entrepreneurship [05:06] – From property construction to healthcare acquisitions [07:05] – Challenges faced in initial acquisition attempts [14:12] – Pivoting sectors: Why Cal chose physiotherapy [16:25] – Innovative healthcare model combining private practice with NHS partnerships [19:17] – Benefits of starting with a smaller initial acquisition [23:29] – Navigating initial acquisition challenges and key lessons learned [27:55] – Search tactics: Brokers, LinkedIn, and direct outreach [30:08] – Future strategy: Consulting-for-equity and scaling acquisitions [32:52] – Personal growth goals and helping stressed business owners [35:09] – Final thoughts and advice for new acquisition entrepreneurs Join the conversation on acquisitions! Share your thoughts on this episode, and let us know your experience and challenges with SMB acquisitions. Don’t forget to subscribe and rate the podcast. it helps us reach more acquisition entrepreneurs! Useful Links & Resources: Connect with Cal Shelton on LinkedIn https://www.linkedin.com/in/calshelton Check out Precision MSK Health https://precisionmsk.health/ Join the BizCrunch Acquisition Community https://www.bizcrunch.co/community

In this episode, Gareth Hawkins speaks with Bramley Johnson, renowned search fund investor, former Director of the International Search Fund Center, and now founder of Victoriam Equity. Bramley shares candid insights on the evolution of the search fund model, from its humble beginnings in the 1980s to today’s thriving international ecosystem. Together they discuss why the traditional search fund model remains powerful, how mentorship and aligned incentives create standout results, and the critical importance of picking both the right searcher and the right company. Bramley also addresses emerging debates on CEO replacements, the impact of new capital flooding the space, and how searchers can avoid common pitfalls. Key highlights include: - The essential qualities investors look for in searchers - Why the traditional search fund model still works (and when not to mess with it) - The "quick-kill" checklist: how to rapidly evaluate and discard bad deals - Victoriam Equity’s mission to bring mentorship back to the core of search funds - Real talk on the realities and challenges of running a successful search and acquisition - An essential listen for searchers, investors, and anyone involved in SMB acquisitions. Timestamps: [00:00] Introduction and welcoming Bramley Johnson [02:21] Bramley’s deep family roots in the search fund ecosystem [05:13] Why the traditional search fund model works from an investor’s perspective [07:05] Addressing myths and realities around firing search fund CEOs [11:18] Opportunities and risks from the rapid expansion of search funds [16:17] Why the search fund model is inherently difficult to scale [21:01] Bramley’s advice on selecting great searchers and avoiding common deal pitfalls [26:26] Introducing Victoriam Equity: a return to mentorship-driven investing [29:20] What Bramley wished he'd had as a searcher and how Victoriam Equity fills the gap [36:07] Victoriam Equity’s open investment thesis and commitment to community-building [39:02] Bramley’s pioneering work to expand search fund accessibility [41:25] Bramley’s top advice for new searchers: "Know your seller and kill deals early" [49:10] How to contact Bramley and Victoriam Equity [51:09] Closing remarks from Gareth Hawkins Join the conversation on serial acquisitions! Share your thoughts on this episode, and let us know your experience and challenges with SMB acquisitions. Don’t forget to subscribe and rate the podcast - it helps us reach more acquisition entrepreneurs! Useful Links & Resources: Connect with Bramley https://www.linkedin.com/in/bramley-johnson-66b9287/ Victoriam Equity Company Website https://www.victoriamequity.com/ Join the BizCrunch Acquisition Community https://www.bizcrunch.co/community

In this insightful episode, Gareth Hawkins speaks with Amit Rai, CEO and co-founder of Astra Holdings, alongside Michele Corradi (CEO) and Andrea Allegrini (Business Development Director) of Lindbergh S.p.a., a public company listed on the Milan Stock Exchange. They discuss the critical differences in growth strategies between public and private serial acquirers, revealing how Lindbergh successfully executed 11 acquisitions in just 18 months, and how Astra Holdings has rapidly scaled through a decentralised, Nordic-inspired approach.  The guests share valuable insights into structuring acquisition deals, including seller incentives, financing strategies, and effective post-deal integration. or intentional non-integration, to accelerate growth. The panel also covers essential topics such as ESG considerations in acquisitions, how to cultivate internal talent for future leadership roles, and the importance of clear investor communication for both private and publicly traded entities. A must-listen for entrepreneurs and investors interested in mastering SMB M&A growth. Timestamps [00:00] Introduction: Meet Amit, Michele, and Andrea [01:05] Overview: Astra Holdings’ decentralised growth model [01:55] Lindbergh's rapid acquisition strategy and public listing [03:18] Secrets behind executing multiple acquisitions quickly [05:11] Advantages of direct seller relationships over brokers [06:03] Building an efficient, repeatable acquisition process [07:58] Integration vs decentralisation in acquired companies [13:20] Deal structures: earnouts, deferred consideration, incentives [17:36] Raising capital: public listing vs private investment [22:48] Pros and cons of listing publicly as a serial acquirer [24:10] Managing ESG obligations as a public and private acquirer [27:44] Essential investor relations insights and communication tips [30:57] Audience Q&A: Leveraging Nordic acquisition strategies [36:06] Attracting and retaining top talent post-acquisition [39:12] Avoiding value destruction through careful integration strategies Join the conversation on serial acquisitions! Share your thoughts on this episode, and let us know your experience and challenges with SMB acquisitions. Don’t forget to subscribe and rate the podcast, it helps us reach more acquisition entrepreneurs! Connect with Amit Rai on LinkedIn https://www.linkedin.com/in/amitrai/ Connect with Michele Corradi on LinkedIn https://www.linkedin.com/in/michele-corradi-b03172a4/ Connect with Andrea Allegrini on LinkedIn https://www.linkedin.com/in/andreaallegrini/ #SearchFunds #ETA #SMB #MergersAndAcquisitions #SerialAcquirers #BizCrunchPodcast #Entrepreneurship #AcquisitionStrategy

Join Gareth Hawkins for a special live episode from the Serial Acquirer Symposium, featuring Ibrahim Abdel Rahim, Managing Partner at Moonbase Capital.  Ibrahim shares his journey from leading major business initiatives in the Middle East and consulting at McKinsey, to establishing Moonbase as a prominent backer of search fund entrepreneurs across Europe. Discover key insights into Moonbase Capital’s investment strategies, critical qualities that distinguish successful search fund entrepreneurs, and Ibrahim's perspectives on emerging trends in the European search fund landscape. Ibrahim also explores how Moonbase is adapting to new deal structures, market dynamics, and shares his bullish outlook on the future of ETA in Europe. If you're an aspiring acquisition entrepreneur or investor interested in SMB succession, this conversation provides valuable perspectives on navigating the evolving ETA market. Timestamps: [00:00] Episode Introduction: Live from the Serial Acquirer Symposium [00:24] Introducing Ibrahim Abdel Rahim, Moonbase Capital [01:07] Ibrahim's journey: From McKinsey and Stanford to Search Funds [02:25] What makes a successful searcher? Key traits and qualities [04:36] Balancing entrepreneur quality vs. company quality in investments [05:42] Investing across traditional, equity-gap, and self-funded search deals [07:12] Using AI in screening search entrepreneurs: Benefits & limitations [08:23] Moonbase Capital’s fund structure & investment model [10:35] Exit strategies: Patience vs. IRR-driven approaches [11:41] Moonbase’s investment decision-making process [14:46] The Future of ETA in Europe: Growth, opportunities, and challenges [16:34] Why Moonbase Capital actively supports the ETA community [18:16] Will growth in ETA affect investment returns? [20:04] Collaboration between investors: Maintaining high standards [22:00] Emerging trends in European ETA: Demographics, deal sizes, diversity [23:49] Key European markets: Germany, France, Spain, UK [27:13] Why Spain succeeded as a leading ETA market [29:05] Ibrahim’s vision for Moonbase Capital's next three years [30:11] Challenges in scaling search fund boards and investor involvement [31:37] Key advice for aspiring acquisition entrepreneurs [32:53] Closing remarks & how to connect with Ibrahim and Moonbase Capital [33:58] Wrap-up and Call-to-Action Get Involved: 👉 Have thoughts on today's episode? We'd love your input! 👉 Connect with Ibrahim Abdel Rahim on LinkedIn: https://www.linkedin.com/in/ibrahim-abdel-rahim/ 👉 Learn more about Moonbase Capital: https://moonbasecapital.com/ 👉 Join BizCrunch’s SMB Acquisition Community: https://www.bizcrunch.co/community If you found this episode helpful, please subscribe, rate, and review to help us reach more acquisition entrepreneurs like you. Keep on crunching!

In this special episode recorded live from the Serial Acquirer Symposium in London, we’re joined by Robin Goldhagen, Assistant Vice President of Investor Relations at Novastone Capital Advisors (NCA). Robin shares fascinating insights into the unique "Operator-Led Search" model pioneered by NCA, how they identify and support mid-career professionals transitioning into entrepreneurship through acquisition, and the evolving investor landscape in Europe's SMB M&A market. You'll hear Robin’s perspective on educating European investors about the search fund asset class, the nuances of attracting local investors to individual transactions, and how NCA’s distinctive support structure enables searchers to thrive. Whether you're an aspiring searcher, a seasoned investor, or simply intrigued by the future of European entrepreneurship through acquisition, this episode provides valuable insights and forward-looking perspectives on the SMB acquisition ecosystem. Timestamps: [00:00] Intro from the Serial Acquirer Symposium & Guest Intro (Robin Goldhagen) [00:40] Robin’s professional journey into investor relations & search funds [02:14] Educating European investors about search funds & market maturity comparison (US vs EU) [04:04] Geographic variations in investor awareness across Europe [05:22] Novastone’s unique "Operator-Led Search" model overview [08:08] Differences between Novastone’s model and traditional search funds [11:01] How Novastone supports their acquisition entrepreneurs in deal sourcing [12:00] The role brokers play in managing seller expectations in SMB M&A [15:08] What Novastone looks for in successful acquisition entrepreneurs (searchers) [17:01] Valuation differences and other market distinctions: US vs EU [18:23] Future predictions for European SMB M&A and ETA market growth [20:17] Closing remarks & how to connect with Novastone We want your insights! Do you see the European search fund market maturing rapidly? What are your thoughts on Novastone’s "Operator-Led Search" model? Explore Novastone Capital Advisors: https://novastone-ca.com/ Connect with BizCrunch on LinkedIn:  https://www.linkedin.com/company/bizcrunch/ Join our SMB M&A community: https://www.bizcrunch.co/community If you enjoyed this episode, please subscribe, rate, and review the podcast- it helps others find our content and join the growing SMB acquisition ecosystem.

Join Gareth Hawkins and Alfie Lambert for another insightful Buy-side Breakdown as they analyse the potential acquisition of a creative and digital agency based in Warwickshire. Currently listed at an ambitious valuation, Gareth and Alfie explore the agency's strengths, potential growth opportunities, and risks - including AI's transformative impact, client concentration, and platform dependencies. They discuss realistic valuations, deal structures, and who might be the ideal buyer for this agency. If you're actively looking to acquire a business or exploring the SMB acquisition market, this episode offers practical insights on assessing agency opportunities and navigating broker expectations. Timestamps: [00:00] Introduction and Symposium Recap [03:18] Overview of the Agency for Sale [05:42] AI: Threat or Opportunity for Creative Agencies? [09:06] Revenue & Recurring Income Analysis [09:54] Valuation Realities and Broker Challenges [13:15] Financial Performance and Credit Management [16:06] Price vs. Risk Assessment [19:09] Owner Dependency & Client Concentration Risks [22:54] Technology & Platform Dependency (Umbraco CMS) [23:32] Strengths: Quality Clients and Impressive Portfolio [25:03] Who Should Consider Buying this Agency? [27:13] Could an Employee Ownership Trust Work? [28:31] Final Verdict: Thumbs Up or Thumbs Down? [30:33] Advice for Sellers on Realistic Valuations [34:06] The Importance of Exit Readiness [35:01] BizCrunch Updates & Future Plans [36:29] Closing Remarks and Call-to-Action Get Involved: We want to hear your thoughts! Do you agree with Gareth and Alfie's analysis? Join the conversation in the BizCrunch community. Connect with us on LinkedIn: www.linkedin.com/company/bizcrunch/ Join our SMB M&A community discussions: https://www.bizcrunch.co/community Explore the latest acquisition opportunities and tools: www.bizcrunch.co/buy If you found value in this episode, don't forget to subscribe, rate, and review the podcast, it helps us reach more acquisition entrepreneurs and share insights across the SMB acquisition community. Keep on crunching!

From “credit-card startup money” to five exits + a global coaching empire, Paul Evans unpacks the exact playbook for scaling to £10 m… then deciding whether to buy, build or cash-out. Paul Avins, founder of Scale Up Coaching and community-builder at Team Dynamics Global, has helped owners add a combined £140 m+ in enterprise value. In this rapid-fire conversation we cover: The “mountain” framework that shows you exactly when to switch strategy (sales engine → acquisitions → exit) Why changing one word in your LinkedIn title forces the CEO mindset How AI agents are collapsing 2-week quoting cycles into 3-hour sprints The #1 lie trapping most founders under £5 m—and how to break it Guest bio Paul Avins is a serial entrepreneur (5 exits, 2 spectacular flops), award-winning former ActionCOACH franchisee and host of The Grown-Up Business Podcast. Through Scale Up Coaching and Team Dynamics Global he guides founders past seven figures and onto life-changing capital events. ⏱️ TIMESTAMPS 0:00 Intro & welcome 0:45 Meet Paul Avins - 5 exits, 2 “face-plants” 1:32 New UK & EU searchers shout-out (Marques Paolo, Sebastian de Bock) 2:16 What Scale Up Coaching & Team Dynamics actually do 3:00 Paul’s early exits + ActionCOACH award run 4:57 Mentors & the bookshelf that shaped his philosophy 7:14 The “mountain” stages of revenue (£1 m → £25 m) 9:22 Crossing the £5 m chasm—build, buy or sell? 12:18 CEO vs Managing Director: one word that changes everything 15:05 Borrowing vs. equity dilution (and the hidden mindset block) 17:11 AI in the real world—7-figure quote automation case study 22:02 Global language hacks & website heat-mapping with LLMs 26:03 Human connection as the next competitive moat 33:13 Jeff Bezos’ unchanging truths test—for any industry 34:45 Paul’s horizon: Dubai “3-Day MBA”, £50 m exits & bio-hacking roll-up 38:40 Where to connect with Paul & free resources 39:59 Gareth’s wrap-up & next week’s preview 📎 RESOURCES MENTIONED Scale Up Coaching →https://www.paulavins.com/coaching Paul’s site → https://www.paulavins.com/ The Grown-Up Business Podcast → https://www.paulavins.com/podcast AI tools referenced: ElevenLabs voice-clone, Fireflies quoting agent, ChatGPT-4o heat-map plug-ins About M&A Zing Host Gareth Hawkins: CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe. Join the BizCrunch Community Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community Featured News Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch BGF doubles down on UK tech after its nine-figure exit from Rock Technologies UK Startup Loans: £25 k per founder at 6 %—why Sam Simpson still says “no PG debt” Thanks for watching! Please like, subscribe and drop questions below—or better yet, join our community for the private AMA.

Modern polymath Nadim Kapadia (Managing Partner & Founder of Aligned Partners HoldCo) has worn every hat: diplomat-turned-consultant, FTSE-100 advisor, VC mentor, Singapore expat, and now self-funded searcher on a mission to buy and build UK SMEs in healthcare & early-years education. In this episode he breaks down: Why a purpose-driven diplomat left Big-4 consulting for entrepreneurship-through-acquisition Swapping VC & PE for a self-funded, multi-decade HoldCo (and keeping maximum equity) How he screens care-home & nursery deals: CQC/Ofsted reports, culture audits and council contracts Broker vs proprietary sourcing, “no-win-no-fee” buyside mandates, and the email + letter combo that’s landing off-market calls Mind-set lessons from marathon running: consistency, persistence & discipline in a long-game search [0:00]  Intro & welcome   [1:12]  Nadim’s global career and first brush with ETA   [3:20]  Autonomy, impact & leaving corporate life   [5:05]  LBS MBA, VC/PE electives & early search-fund FOMO   [6:42]  Why go self-funded (vs traditional partnered search)   [9:18]  Launching Aligned Partners – HoldCo vision & values   [11:32] Sector focus – UK healthcare & early-years education   [14:06] Deal sweet-spot, revenue / EBITDA ranges & leverage   [15:55] Building the deal team (advisors, lenders, buyside “no-win-no-fee”)   [18:22] Multi-channel sourcing – brokers, letters, BizCrunch email campaigns   [22:34] Seller psychology, legacy & the “alignment” litmus test   [26:08] Culture & CQC / Ofsted due-diligence in care businesses   [29:17] When offers fall apart – lessons from broken deals   [32:46] The marathon mind-set: consistency, persistence, discipline   [35:04] First-100-days plan once an acquisition closes   [36:48] Who Nadim wants to meet next (owners, financiers, operating partners)   [38:12] Key take-aways & wrap-up   🔗 RESOURCES MENTIONED Aligned Partners HoldCo → https://alignedpartners.co.uk Nadim Kapadia on LinkedIn → https://linkedin.com/in/nadim-kapadia Care Quality Commission (CQC) reports → https://cqc.org.uk Ofsted inspection reports → https://reports.ofsted.gov.uk BizCrunch searcher tools & community → https://www.bizcrunch.co About M&A Zing Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe. Join the BizCrunch Community Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community Featured News Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch – the inside story of an events business rebuilt after COVID BGF doubles down on UK tech after its nine-figure exit from Rock Technologies UK Start-Up Loans: £25 k per founder at 6 % – why Sam Simpson still says “no PG debt” Thanks for watching! Please like, subscribe and drop questions below—better yet, join our community for the private AMA.

Today’s guests are Andrew Napier and Evani Mannur, founding partners of the brand-new UK search fund 22 Capital Partners. Andrew brings a deep finance and transformation background, while Evani is a serial entrepreneur who has already bought and scaled companies with her own capital. We talk about why they chose “entrepreneurship through acquisition,” what they learned on Cambridge Judge’s MBA, how they are raising their search capital, the digital-transformation playbook they plan to use post-acquisition and the realities of partnering versus going solo. Timestamps [00:00] Intro and welcome [00:20] Who are Andrew and Evani? [01:10] Why ETA beats a ground-up start-up for them [04:30] How a Cambridge Judge MBA elective sparked the fund [10:05] Their investment thesis: manufacturing, infrastructure services and FMCG [15:00] Digital transformation as a value-creation lever [22:00] Inside the fundraising tour and the UK investor climate [30:15] First hundred days: divide-and-conquer operating plan [36:30] Biggest challenges and how they stay resilient [41:10]Advice for would-be searchers: start, keep going, know it’s all-consuming [42:30 ] Links, resources and closing Guests • Andrew Napier – LinkedIn: https://www.linkedin.com/in/andrew-p-napier/ • Evani Mannur – LinkedIn: https://www.linkedin.com/in/evanimannur/ • 22 Capital Partners – https://twentytwocapitalpartners.co.uk/ Free resources mentioned • Stanford Search Fund Primer (PDF) • Cambridge Judge MBA information – https://www.jbs.cam.ac.uk • BizCrunch community – https://www.bizcrunch.co/community If you enjoyed the episode, hit subscribe, drop a question below and share it with someone who is dreaming of buying a business. #SearchFunds #EntrepreneurshipThroughAcquisition #SMBM&A #BizCrunch

Running the company from the bank balance might feel quick, but it’s why 82 % of small firms die of “self-inflicted” cash-flow wounds. Former JP Morgan banker Tom Griffiths now parachutes into owner-managed businesses as a fractional CFO. He walks us through: - The 16 financial drivers every SME should track (revenue → gross → net → cash) - Spotting and fixing “messy books” before a buyer’s DD team does - Preparing for an earn-out without being taken for a ride - Why doubling revenue can leave profit flat, and when to say no to debt - His playbook for selling an IT-services business (and keeping the deal alive) If you’re growing, buying or aiming to sell within the next few years, this one’s for you. ⏱ Timestamps [00:00] Welcome back & episode outline [00:24] Meet Tom Griffiths—JP Morgan to Synergy CFO Solutions [01:32] Why he left high-finance for SMEs [02:56] “Cash in the bank ≠ strategy”—common owner blind spots [05:33] VAT, CT & other hidden cashflow traps [08:18] Tom’s 16-driver finance pyramid [12:40] Real-world messy books & quick fixes [14:45] Exit prep case study: cleaning the numbers before marketing [18:15] Forecasts, customer concentration & DD red flags [22:10] Earn-outs, deferred consideration & deal psychology [26:05] When it’s time for a fractional CFO [30:03] What makes a great client (and a terrible one) [33:00] Free 16-driver worksheet & on-demand training [34:05] Take-aways & how to reach Tom Resources & Links Free training + 16-Driver Worksheet https://synergycfosolutions.co/workshop-registration/ Connect with Tom on LinkedIn https://www.linkedin.com/in/tomgriffiths8/ BizCrunch Community (early episodes, live Q&A, networking) https://www.bizcrunch.co/community About M&A-Zing Host Gareth Hawkins—exited founder & M&A investor—dives into real UK & European SMB deals: search funds, holdcos and bootstrapped buy-outs. Featured News • UK Start-Up Loans top £1 bn (6 % fixed, £25 k per director) • HMRC targets disguised remuneration schemes across 1 000+ SMEs • Searchfunder Q1-2025: 20 ETA deals, 45 % in Europe (Spain leads) Thanks for watching! Like, subscribe and drop questions below - or join the BizCrunch community for the private AMA. #SearchFunds #EntrepreneurshipThroughAcquisition #FractionalCFO #SMBFinance #BizCrunch #Dealmakers

Modern polymath Sam Simpson (CEO @ Founder Catalyst & Co-Founder @ Forge Technologies) has worn every hat: quantum physicist, £450 m buy-and-build survivor, SEIS-powered founder, angel in 30+ start-ups. In this episode he breaks down: Why an 18 % loan-note stack killed 2e2 overnight, and how that shaped his “no-debt” rule Turning a £20 k SEIS cheque into a 30×, tax-free exit (and what most founders miss) Growth-at-all-costs is dead; profitability, AI-driven efficiency & the “barbell economy” are in Angel vs buy-out returns, optionality, focus, and building Forge Technologies without bank debt ⏱️ TIMESTAMPS 0:00 Intro & welcome 1:12 The 3 Cs – Customer, Colleague, Commercial 5:32 2e2 collapse & debt lessons learned 10:18 COVID wipes out an events venture 15:04 Rock Technologies – SEIS to £100 m exit 23:18 Founder Catalyst – powering funding rounds 27:30 Forge Technologies – buy-and-build, no leverage 34:00 Angel vs buy-out returns (+ SEIS/EMI tips) 38:12 AI, profitability & the barbell economy 44:40 Personal milestones, focus & future plans 46:50 Key take-aways & wrap-up 🔗 RESOURCES MENTIONED • Founder Catalyst – SEIS/EIS & EMI platform → https://foundercatalyst.co.uk • Forge Technologies → https://forgetech.co.uk • SEIS & EMI Guides (UK Gov) → https://gov.uk • BGF (Business Growth Fund) → https://bgf.co.uk *About M&A Zing*   Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe. *Join the BizCrunch Community*   Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community Featured News   • Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch – the inside story of an events business wiped out by COVID • BGF doubles down on UK tech after its nine-figure exit from Rock Technologies • UK Startup Loans: £25 k per founder at 6 % – why Sam Simpson still says “no PG debt” Thanks for watching! Please *like*, *subscribe* and drop questions below—or better yet, join our community for the private AMA. #SearchFunds #EntrepreneurshipThroughAcquisition #FounderCatalyst #ForgeTechnologies #BizCrunch #Dealmakers

Welcome to *M&A Zing*, the weekly show for acquisition entrepreneurs, search funders and hold-co builders in the UK & Europe.   Fresh back from a 400-strong ETA weekend at INSEAD, host Gareth Hawkins sits down with *Sebastiaan Willen*, ex-Bain consultant turned self-funded searcher, to unpack how he acquired premium artificial-green-wall maker *Vistafolia* (and why he skipped bank debt entirely). *Episode Timestamps*   [00:00] Intro & INSEAD 2025 recap   [00:56] This Week’s M&A News – Monarch Healthcare buy-out, Treasia Capital search launch, Searchfunder Q1 report   [02:41] Meet Sebastiaan Willen (Perfectus Capital ➜ Vistafolia)   [04:41] Ten years of deliberate skill-building at IWG (Regus) & Shopee   [10:06] Launching a solo, self-funded search while still in Malaysia   [13:06] Spotting Vistafolia, structuring an all-equity + seller-note deal   [20:26] Tariff shocks, global supply-chains & keeping US sales alive   [24:54] First 90 days as MD—culture, cloud tools & steady hands   [30:00] Advice for new owner-operators: listen first, change slowly   [32:20] The five-year vision: doubling Vistafolia and paying the note early   [35:00] Upcoming Serial Acquirer Symposium (18 June, London) & wrap-up   Guest Bio – *Sebastiaan Willen*   Sebastiaan is Managing Director of *Vistafolia* and founder of *Perfectus Capital*. A Belgian native, he spent seven years in Asia leading BD, marketing and 1,000-person ops teams at IWG/Regus and Shopee after starting at Bain. In Feb 2025 he closed his first acquisition, funded with personal capital and a seller note, to take Vistafolia’s award-winning artificial green-wall system worldwide. *About M&A Zing*   Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe. *Join the BizCrunch Community*   Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community Featured News   • Odyssey Capital adds 13-home *Monarch Healthcare* to its care portfolio   • *Treasia Capital* (Spain) launches €1–3.5 m EBIT search led by Luis Díaz Rodríguez-Arias   • *Searchfunder News* Q1-2025 report: 20 ETA deals, 45 % in Europe (mostly Spain; UK, DE & NL follow) Thanks for watching! Please *like*, *subscribe* and drop questions below—or better yet, join our community for the private AMA. #SearchFunds #EntrepreneurshipThroughAcquisition #Vistafolia #BizCrunch #Dealmakers